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Informist, Tuesday, Dec. 24, 2024

MUMBAI – The Reserve Bank of India's gold reserves rose 9.33 tonnes to 876.18 tonnes as of Nov. 29, data from the central bank's bulletin released Tuesday showed. So far this calendar year, the RBI has added 72.6 tonnes of the precious metal to its treasury.

The value of gold in foreign exchange reserves fell to $66.9 billion in November from $68.5 billion in October. The share of gold in the central bank's total reserves was 10.18% as of Nov. 29.

"Gold prices declined in the first half of November as a stronger US dollar increased opportunity cost for investors and partial de-escalation of tensions in the Middle East reduced safe haven demand. Prices, however, recovered in the latter half of November and early December tracking expectations of policy easing by the US Fed," the release said.

The monthly average price of gold in Mumbai rose to INR 76,713 per 10 gm in October from INR 72,878 per 10 gm in September, and up from INR 58,773 in the same month a year ago, the bulletin said, citing India Bullion and Jewellers Association data.

At 1837 IST, the February gold contract on COMEX was steady at $2,628.1 per ounce.  End

US$1 = INR 85.20

IST, or Indian Standard Time, is five-and-a-half hours ahead of GMT

Reported by Ashutosh Pati

Edited by Deepshikha Bhardwaj

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